Mirvac Group
(ASX:MGR) has forecast a 10 to 14 per cent lift in earnings in the 2011 financial year, affirming its core business strategy remains focussed on its Australian portfolio.
In the current fiscal year the real estate investment company forecasts operating earnings of between 10.2 and 10.6 cents per stapled security.
Speaking at the group’s annual general meeting, Mirvac chairman James MacKenzie said the tough decisions taken during the last two years to simplify the business have successfully repositioned the group for earnings growth.
Mirvac advises that the current residential development market is expected to moderate to single digit growth in the year ahead, supported by underlying demand and limited supply.
Mirvac Group rebounded into the black in the 2010 financial year to book a $237.4 million profit.
